Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Cape Coral | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,122 | $293,727 | $242,182 |
| Price Trend (Annual %) | 11.4% | 12.0% | 8.2% |
| Median Gross Rent | $1,740 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 7.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cape Coral is about 19% higher than in Florida. Rent is about 11% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cape Coral, up about 11.4% and 7.1% a year respectively. Home prices are changing faster.
Median rent in Cape Coral rose about 65.3% between 2015 and 2023, from $1,052 to $1,740. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Cape Coral.
Buying the median-priced home in Cape Coral costs roughly 16.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cape Coral. The price-to-rent ratio in Florida is about 15.7.
| Metric | Cape Coral | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,122 | $293,727 | $242,182 |
| Median Household Income | $74,660 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cape Coral rose about 126.7%, while median household income rose about 44.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cape Coral | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.3% | 57.1% | 58.2% |
| Rental Rate | 19.0% | 27.7% | 31.3% |
| Vacancy Rate | 16.7% | 15.2% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Cape Coral has a homeownership rate of 64.3%, higher than the Florida average of 57.1%. Its housing vacancy rate is 16.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Cape Coral | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1996 | 1987 | 1978 |
| Median Number of Rooms | 5.5 | 5.2 | 5.5 |
The typical housing unit in Cape Coral was built around 1996. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cape Coral, Florida.
What is the median home price in Cape Coral, Florida?
The median home price in Cape Coral, Florida is $350,122, higher than the Florida average of $293,727.
What is the average home price in Cape Coral, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cape Coral, Florida?
The median gross rent in Cape Coral, Florida is $1,740 per month, higher than the Florida average of $1,564.
What was the median gross rent in Cape Coral in 2020?
In 2020, the median gross rent in Cape Coral, Florida was $1,352 per month.
What is the price-to-rent ratio in Cape Coral, Florida?
The price-to-rent ratio in Cape Coral, Florida is about 16.8, meaning it would take roughly 16.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cape Coral.
Are home prices or rent rising faster in Cape Coral, Florida?
Both home prices and rent are rising in Cape Coral, up about 11.4% and 7.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cape Coral, Florida?
64.3% of households in Cape Coral, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Cape Coral, Florida?
The housing vacancy rate in Cape Coral, Florida is 16.7%, higher than the Florida average of 15.2%.